CONSTRUCTION INSURANCE
by individuals attempting to access company systems to steal or destroy data.” PRECAUTIONARY MEASURES Once you’ve identified the potential threats, it is vital to develop robust policies and implement training programmes as precautionary measures. “IT systems, even the best ones, can’t prevent human error,” said Trevor, “so it’s essential to implement clear policies. For example, having strong passwords, multifactor authentication and the use of encryption for sensitive data. It is important to train employees on best practices, including how to recognise potential phishing emails and sensitive information to which they’ve been granted access.” A second precautionary line to take is with supply chain management. “This is an essential component of mitigating cyber risk,” said Trevor. “We recommend carrying out a legal review of your terms and conditions when interacting with your business partners.” With the implementation of BIM, the construction industry is making greater
use of the internet and email technology to support collaboration and information exchange on projects. “It’s therefore very important to understand how to protect the information and the operations in the whole cyberspace,” warned Trevor. “Your key information models, including your plans and designs and tender specs need to be protected from potential cyber risk. “There will always be potentially malicious outsiders unconnected with the building or the structure. These could range from terrorists seeking access to BIM for reconnaissance purposes or hackers trying to steal intellectual property and gain unauthorised access to systems or just to leak or publicise sensitive, confidential information. “The control and protection of information becomes more complex as the length of the supply chain grows during the whole development of the design and construction.” RISK TRANSFER Cyber Liability Insurance is widely available and most policies will cover the costs of investigation and breach notification associated with a cyber
incident. However, Trevor advises adding Cyber Crime Cover. “Cyber Liability covers all those elements in relation to data breaches, for example, phishing, viruses and the losses that could be incurred. But I would also suggest having Cybercrime Cover which is very important when it comes to the actual extraction of monies from clients through their IT system; principally intercepting their bank account. The ‘fake president’ is a term that refers to a specific cyber- crime whereby a criminal purports to be, say, the CEO of a company, and convinces an employee to transfer monies to their account.” For professional advice on cyber risks and insurance protection, speak to Trevor on: +44 (0)28 9099 3600. Your key information models, including your plans and designs and tender specs need to be protected from potential cyber risk.
T: +44 (0)28 9344 6347 E: trevor.mcclintock@ablinsurance.co.uk www.ablinsurance.co.uk
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